Financing

The following table summarizes the Company’s short-term borrowings as of June 30, 2018 and current maturities of long-term debt as of December 31, 2017:



(in millions)	June 30, 2018		December 31, 2017
Commercial paper	$	171.4	$	—
2.75% notes due December 2018	—		250.0
Other deferred financing costs associated with credit facilities	—		(0.6		)
Total short-term borrowings and current maturities of long-term debt	$	171.4	$	249.4

As of June 30, 2018, there were $171.4 million of outstanding borrowings under the commercial paper program. Amounts available under the commercial paper program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the notes outstanding under the commercial paper program at any time not to exceed $500 million. As of June 30, 2018, the Company had a revolving credit agreement permitting borrowings of up to $550 million which expires in December 2022. As of June 30, 2018, there were no borrowings under this revolving credit agreement. The undrawn portion of this revolving credit agreement is also available to serve as a backstop facility for the issuance of commercial paper.

The following table summarizes the Company’s long-term debt as of June 30, 2018 and December 31, 2017:



(in millions)	June 30, 2018			December 31, 2017
4.45% notes due December 2023	$	298.5		$	298.4
6.55% notes due November 2036	198.2			198.1
4.20% notes due March 2048	345.9			—
Syndicated loan facility (€59 million principal value)	70.8			—
Building loan facility (€22 million principal value)	25.7			—
Other deferred financing costs associated with credit facilities	(2.0		)	(2.4		)
Total long-term debt ^(a)	$	937.1		$	494.1
(a) Debt discounts and debt issuance costs totaled $8.5 and $3.5 as of June 30, 2018 and December 31, 2017, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above.

In January 2018, the Company drew $100 million from its 364-day credit agreement and $200 million from its 3-year term loan credit agreement to fund the acquisition of Crane Currency. On February 5, 2018, the Company completed a public offering of $350 million aggregate principal amount of 4.20% Senior Notes due 2048 (the “2048 Notes”). The 2048 Notes bear interest at a rate of 4.20% per annum and mature on March 15, 2048. Interest accrues on the 2048 Notes and is payable on March 15 and September 15 of each year, commencing on September 15, 2018. The 2048 Notes were issued under an indenture dated as of February 5, 2018. The indenture contains certain restrictions, including a limitation that restricts the Company’s ability and the ability of certain of its subsidiaries to create or incur secured indebtedness, enter into sale and leaseback transactions, and consolidate, merge or transfer all or substantially all of the Company’s assets and the assets of its subsidiaries. The Company used the net proceeds from the offering, together with cash on hand, to repay all of the $100 million outstanding under the 364-day credit agreement and redeem the $250 million of outstanding 2.75% notes due in December 2018. In April 2018, the Company repaid the $200 million outstanding under its 3-year term loan credit agreement.

As part of the acquisition of Crane Currency, the Company assumed €59 million of borrowings under a €72 million Syndicated Loan Facility Agreement (the “Syndicated Loan Facility”) with the borrower being Crane Currency Malta. The Syndicated Loan Facility allows borrowings under two facilities in the amounts of €49 million (“Facility 1”) and €23 million (“Facility 2”). The proceeds from the Syndicated Loan Facility may be used to purchase equipment for a printing facility in Malta. As of June 30, 2018, there was €61.5 million (€49.0 million from Facility 1 and €12.5 million from Facility 2) of outstanding borrowings. The Syndicated Loan Facility requires monthly principal payments, after the facilities are fully drawn, of €0.3 million from October 2018 through March 2032 for Facility 1 and €0.1 million from June 2019 through January 2033 for Facility 2. Interest is based on EURIBOR, plus a margin of 3.5% and is payable on a monthly basis. The Syndicated Loan Facility contains customary affirmative and negative covenants, including limitations on the subsidiary with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates and payment of dividends. Crane Currency Malta must also maintain a debt service cover ratio ranging from 1.2 to 1.5 over specified periods and a debt-to-equity ratio ranging from 2.5 to 1.5 over specified periods. The Syndicated Loan Facility provides for customary events of default. The Company also assumed €22.4 million of borrowings under a €27.0 million Building Loan Facility Agreement (the “Building Loan Facility”). The proceeds from the Building Loan Facility may be used to finance construction of the printing facility in Malta. As of June 30, 2018, there were €22.0 million of outstanding borrowings. The Building Loan Facility requires quarterly principal payments of €0.4 million from March 2018 through March 2037. Interest is 1.5% and is payable on a quarterly basis. The Building Loan Facility provides for customary events of default.

For additional details regarding the Company’s debt financing, reference is made to Note 8, “Long-Term Debt” of the Company’s financial statements as of and for the year ended December 31, 2017 included in the Company’s 2017 Annual Report on Form 10-K.